Regulation (EU) 2020/1503 of the European Parliament and of the Council on European providers of participatory finance services for entrepreneurs (EPFSP) entered into force on 10 November 2021. Existing crowdfunding platforms, financing activities in the form of “crowdequity” or “crowdlending”, have 1 year to obtain a new authorisation, which will replace in France the existing regimes of participatory investment advisors (CIP) and participatory finance intermediaries (IFP).

This European regulation is intended to contribute to the development of a financing activity that is increasingly sought after by private individuals, citizens in search of meaning and non-quoted investments. Despite the health crisis, in 2020 platforms selected and presented 1,197 projects for a total fundraising target of €815m, compared with €557m in 2019 (source: AMF).

The transition to the new status of PSFPE is not without question:

  • On the side of the intermediaries, i.e. the platforms that put project holders in touch with investors, are there any stumbling blocks for certain platforms (conflicts of interest, threshold effects, cumbersome management, etc.)? Is there not a risk, through collateral effects, of breaking certain business models and constraining the growth of an industry that should, on the contrary, be developed?
  • For savers and investors, are the protections superior within the framework of the new status and the classification as informed or non-informed investors?
  • What changes does this regulation bring about for project promoters?

These are all questions raised during this webinar, to which the speakers – professional associations, platforms, regulators – will shed light, make suggestions and offer possible solutions for the implementation of a regulation that has not yet been transposed by the AMF (Directive).

Target audience:

  • Crowdfunding platforms
  • Lawyers and consultancy firms
  • Project owners
  • Retail client management (banks, insurance companies, online services, etc.), securities departments
  • Academics, financial journalists and all banking/finance/insurance generalists wishing to update their knowledge in the field of participatory financing



  • AEFR